Southeast

Federal Capital Partners Acquires Apartment Community in Metro Atlanta for $45M

by Camren Skelton December 5, 2017

MARIETTA, GA. — Federal Capital Partners (FCP) has acquired Stratford Ridge, a 446-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta, for $45 million. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. Stratford Ridge includes a mix of one- to four-bedroom floor plans and features a clubhouse, fitness center, playground, pet park, sundeck and pool and an after-school care program. In addition, the property is roughly four miles north of SunTrust Park, home of the Atlanta Braves. FCP will invest in capital improvements to the existing site and buildings, including amenity enhancements and interior unit renovations.

December 5, 2017

Office Southeast Virginia

Meridian Group Purchases 209,669 SF Office Building in Tysons Corner

by Camren Skelton December 5, 2017

TYSONS CORNER, VA. — The Meridian Group has acquired 8280 Greensboro Drive, a 209,669-square-foot office building in Tysons Corner. The sales price was not disclosed, but the Washington Business Journal reports the building is valued at approximately $41.5 million. Bill Collins, Drew Flood and Sean Collins of Cushman & Wakefield represented the undisclosed seller in the transaction, and Marshall Scallan of Cushman & Wakefield represented Meridian in securing its senior structured debt. The nine-story building is located within the Boro District, Meridian Group’s 4.2 million-square-foot mixed-use development. Upon completion, the project will feature 10 office buildings spanning 2 million square feet, apartments, condominiums, retail, restaurants and entertainment. The building on Greensboro Drive features a new conference center, new fitness center, on-site eatery, on-site structured parking, outdoor seating and green space. In addition, the property is LEED Gold-certified and located within a five-minute walk to the Greensboro Metro station. At the time of sale, the building was 83 percent leased.

December 5, 2017

Florida Loans Multifamily Southeast

Greystone Arranges $44.6M Fannie Mae Loan for Multifamily Community in South Florida

by Camren Skelton December 5, 2017

ESTERO, FLA. — Greystone has arranged a $44.6 million Fannie Mae loan for Estero Oaks, a 280-unit apartment community in Estero, roughly 15 miles south of Fort Myers. Nicholas Diamond of Greystone arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the developer and borrower, Royal Palm Cos. Constructed at the end of 2016, Estero Oaks features a business center, clubhouse, playground, dog park, fitness center, yoga studio, outdoor spa and a resort-style swimming pool. Rosemount Management manages the property.

December 5, 2017

North Carolina Office Southeast

HFF Brokers $22M Sale of Office Asset in Research Triangle Park

by Camren Skelton December 5, 2017

DURHAM, N.C. — HFF has arranged the $22 million sale of Nottingham Hall, a 105,601-square-foot office property in Durham. Ryan Clutter, Scot Humphrey and Chris Lingerfelt of HFF arranged the transaction on behalf of the seller, CapRidge Properties LLC, and procured the buyer, Senior Housing Properties Trust, a seniors housing and healthcare REIT that also invests in office buildings leased to medical tenants. Nottingham Hall is located at 4505 Emperor Blvd., within Imperial Center, a business park in Durham’s Research Triangle Park submarket. Constructed in 2001, the four-story building was fully leased at the time of sale to 13 tenants including its largest, Social and Scientific Systems, a company dedicated to improving public health worldwide. The RMR Group manages the property.

December 5, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

While Apartment Size Shrinks, Amenity Spaces Grow, Says InterFace Panel

by Kristin Harlow December 5, 2017

ATLANTA — The amenities arms race is still in full swing. During the architecture and design panel at the eighth annual InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, industry experts discussed how they design today’s multifamily projects with large-scale, luxury amenities in mind. The conference drew 402 multifamily professionals. “There’s so much competition in this space and amenities are really the differentiating factor for all these projects,” said Brad Lutz, director of business development for Dallas-based Humphreys & Partners Architects. “With this shift from homeownership to renting, you have to provide something that’s going to not only attract renters, but retain them long-term.” Joining Lutz on the panel was JoAnn McInnis, vice president of client services and business development at Virginia-based Carlyn & Co. Interiors + Design; B.J. Laterveer, director of the multifamily housing studio at Alpharetta, Georgia-based Wakefield Beasley & Associates; and Les Juneau, president of Atlanta-based Juneau Construction Co. Cannon Reynolds, managing director of architecture for Atlanta-based Niles Bolton Associates, moderated the panel. Both millennials and empty nesters are driving demand for apartment space as they continue to forego homeownership. The U.S. homeownership rate was 63.9 percent in the third quarter of …

December 5, 2017

Maryland Multifamily Southeast

Pennrose Breaks Ground on Phase I of Multifamily Redevelopment in Metro D.C.

by Camren Skelton December 4, 2017

GLENARDEN, MD. — Pennrose Properties LLC has broken ground on Glenarden I, the first phase of a master-planned redevelopment of the former Glenarden Apartments in Glenarden, roughly 12 miles east of Washington, D.C. The redevelopment of the 27-acre site will be conducted in four phases. The project is a public-private partnership between Pennrose, the Redevelopment Authority of Prince George’s County, B&W Solutions Inc. and SHABACH! Ministries Inc. Designed by Marks Thomas Architects and Arel Architects and constructed by Harkins Builders, the first phase of Glenarden will include 114 affordable and market-rate apartment homes for families and seniors, a blend of townhouse-style buildings with two- and three-bedroom floor plans and a four-story senior apartment building with a community kitchen, outdoor patio, coffee bar, café, library and a fitness room. Glenarden I will also feature a clubhouse with an additional fitness center, locker rooms, a kitchenette and an outdoor patio and grill. Pennrose Management Co. will manage the community. The second phase of Glenarden will add 55 units of affordable seniors housing, affordable and market-rate apartments, two pools and additional open space. The remaining phases of the redevelopment will add more market-rate rental apartments and for-sale homes. The $34 million Phase I project …

December 4, 2017

Kentucky Office Southeast

CBRE Arranges 105,138 SF Lease for Data Solutions Provider in Louisville

by Camren Skelton December 4, 2017

LOUISVILLE, KY. — CBRE has arranged a 105,138-square-foot lease for Appriss, a provider of data and analytics solutions, at 9901 Linn Station Road in Louisville. David Hardy of CBRE represented Appriss in the transaction, and Marc Barlow of CBRE represented the landlord, Gearing Capital Partners. Appriss is set to occupy the new space in July 2018, moving from its current headquarters at 10401 Linn Station Road, where it leases approximately 90,000 square feet. The firm will also be moving its data center and IT operations from the Eastpoint development to the new location. Appriss will occupy five floors at the new space. In addition, building ownership will invest in renovations to the property, including an updated lobby and entrance, renovated restrooms on each of the Appris floors and a new fitness center, conference center and outdoor lounge. Swope Design Group is handling the renovation design.

December 4, 2017

Georgia Industrial Southeast

McCraney Property to Deliver 345,600 SF Industrial Building in Savannah

by Camren Skelton December 4, 2017

SAVANNAH, GA. — McCraney Property Co. has acquired 22 acres in Savannah to develop a 345,600-square-foot, Class A industrial property. Dubbed 95 Logistics @ Pooler Parkway, the property is located near the intersection of Interstates 95 and 16, providing access to the Port of Savannah and Savannah Airport. The proposed development is a front-loaded building with 32-foot clear heights, approximately 48 dock high doors and 100 tractor-trailer parking spaces. The building’s design will also allow the option of subdividing the space for tenants ranging in size from 100,000 to 345,600 square feet. Steve Croy of Croy Group LLC represented McCraney Property Co. in the land purchase.

December 4, 2017

Loans Multifamily North Carolina Southeast

HFF Brokers $37.6M Acquisition Loan for Multifamily Community in Triangle

by Camren Skelton December 4, 2017

CARY, N.C. — HFF has arranged a $37.6 million acquisition loan for Brook Arbor, a 302-unit apartment community in Cary. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, floating-rate loan with five years of interest-only payments through Freddie Mac’s CME program on behalf of the borrower, Taurus Investment Holdings LLC. The property is located at 200 Brook Arbor Drive, roughly 10 miles south of Research Triangle Park. Brook Arbor features a fitness center with an on-site personal trainer, swimming pool with sundeck, grilling area, playground, tennis court, fishing pond, clubhouse, lounge and a business center. Constructed in 1999, the property was 96.4 percent occupied at the time of sale.

December 4, 2017

Georgia Hospitality Loans Mississippi Southeast

Aries Conlon Capital Arranges $13.6M Refinancing of Two Hotels in Georgia, Mississippi

by Camren Skelton December 4, 2017

KINGSLAND, GA. AND BILOXI, MISS. — Aries Conlon Capital has arranged two loans totaling $13.6 million for the refinancing of two hotels in Georgia and Mississippi. Rushi Shah of Aries Conlon Capital arranged a $6.8 million loan for a Hampton Inn in Kingsland and a $6.8 million loan for a Quality Inn & Suites in Biloxi. Both loans were funded by CMBS investors and feature 10-year terms, fixed interest rates and 25-year amortization schedules. The 78-room Hampton Inn is located roughly 25 miles north of Florida’s Jacksonville International Airport. The 148-room Quality Inn & Suites is located adjacent to the Mississippi Coast Coliseum and Convention Center and roughly 10 miles from the Gulfport-Biloxi International Airport.

December 4, 2017

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